London’s ultra-prime housing market for multi-millionaire and billionaire buyers rose by 10% in unit sales and 25% by value of property sold during 2023, according to a new wealth survey by Beauchamp Estates.

Last year saw 54 sales of luxury properties priced over £15m (£1.3bn of sales in total), compared to 49 sales in 2022 (worth £1.05bn) – driven by American, Saudi Arabian, UAE and Chinese buyers.  

Beauchamp Estates said that concerns over personal security and privacy and a desire for 5-star hotel-style amenities have led wealthy buyers to purchase newly built apartments located in high-security super-luxury apartment buildings offering concierge security and amenities in addresses including Mayfair, Knightsbridge, Hyde Park and Whitehall.  

During 2023 there was a 137% rise in the number of sales for super-luxury new-build London apartments priced over £15m, with 19 sales worth almost £385m, up from just eight sales worth £181m in 2022. These apartments average 4,894 sq ft in size, each costing an average of £4,306 per sq ft. 

The number of houses and mansions priced over £15m sold in 2023 fell by almost 15%, with 35 sold, compared to 41 sold in 2022. However, the value and size of these homes has increased, with the total value of all the houses sold being almost £925m, compared to £876m of sales in 2022. 

According to Beauchamp Estates, 60% of the 2023 deals in prime central London for homes valued over £15m involved buyers from just four countries – the United States, Saudi Arabia, the United Arab Emirates and China. These buyers purchased around £780m worth of luxury property, with Indian, Israeli and Nigerian buyers being the other key acquirers of luxury homes in London during the last 12 months. 

Jeremy Gee, managing director of Beauchamp Estates, said: “During 2023 we witnessed the return of mainland Chinese and Hong Kong buyers to London as travel restrictions for Chinese nationals were lifted. Chinese buyers were a significant driver in London’s ultra-prime residential market during 2023, buying trophy homes in locations including St John’s Wood, Hampstead and Highgate. 

“Whilst American and Middle East buyers focused on Mayfair, Belgravia and Knightsbridge, buyers from China, Hong Kong and Nigeria looked at North West London and purchased houses with large gardens in leafy addresses such as St John’s Wood, Regent’s Park and Hampstead. 

“London continues to hold its own on the world property stage despite rising competition provided by locations such as Dubai, Miami and the South of France,” Gee added.